With respect to DermACELL, I think with 1 year under the belt and with some more clinical data

with respect to duramycin i think with 1 year under the belt and with more clinical data


to primarily be looking for tuck-in acquisitions to augment our capabilities but to make sure that we continue to be


What we're very excited about, Quentin, is the overall health category. And this is a category we've been investing in substantially for a number of years,

what we're very excited about is the overall health category and this is a category we've been investing in substantially for a number of years


In summary, we delivered solid organic growth across every major business and strengthened our operational performance,

in summary we delivered solid organic growth across every major business and strengthened our operational performance


As the increased year-over-year shipment levels and backlog numbers increased, it is obvious that conditions have improved in some of our product end markets.

as the increased year-over-year shipment levels and backlog numbers increase it is obvious that conditions have improved in some of our product end markets


with our other capital allocation alternatives and do what is in the best for the long-term interest of our stockholders.


Just wondering if the impact from those was amplified by the seasonal timing in the quarter or a difficult comparison. And

just wondering if the impact from those was amplified by the seasonal timing in the quarter or a difficult comparison and


regulators currently authorizing returns and you make that judgment as to whether you can stay out. Our preference, as I said, from rate perspective, we'd love to stay out

regulators currently authorizing returns and you make that judgment as to whether you can stay up our preference as i said from a rate perspective we'd love to stay up


The -- what is -- how should we think about what you guys are exactly planning in terms of getting into the earnings sharing

the -- what is -- how should we think about what you guys are exactly planning in terms of getting into the earnings sharing


where you can then utilize it to help in the distribution system and then also for the transmission. So you're bringing in the

where you can then utilize it to help in the distribution system and then also for transmission so you're bringing it into the


what we should do when it comes to a thing . I am not sure if I... I think the question was that some of the initiatives take a little bit longer to execute.

what we should do when it comes to think i'm not sure if i -- i think the question was that some of the initiatives take a little bit longer to execute


a 5% growth rate on the year despite the negative market effect in recent quarters that has been very relevant.


being able to keep this momentum that we build along the H2 and during this first semester to have a very successful first

being able to keep this momentum that we build along the h2 and during this first semester to have a very successful first


All of that still supports a good climate for pricing and a good climate for compounding profit improvement

all of that still supports a good climate for pricing a good climate for compounding profit improvement


and we were intentionally building that. We had inventory on hand for the titles that launched in early May.

and we were intentionally building that we had inventory on hand for the titles that launched in early may


Can you tell the nature or which aircraft was? No. It's I'm not going to get into those specifics here.

can you tell the nature or which aircraft was no i'm not going to get into those specifics here


Thank you, Scott. Welcome, ladies and gentlemen, and thank you for giving me another opportunity to report our quarterly highlights

thank you scott welcome ladies and gentlemen and thank you for giving me another opportunity to report our quarterly highlights


through various capital cities and look forward to speaking with our stakeholders throughout the course of that program


There was a slight downtick in margin with these products, which we expect to see continued down to the 60% to 65% margin range

there was a slight downtick in margin with these products which we expect to see continue down to the 60% to 65% margin range


And this concludes today's conference call. Thank you so much for your participation. You may now disconnect.

and this concludes today's conference call thank you so much for your participation you may now disconnect


There are a couple of items like that. The more material one is a little harder to explain and it's with our groups.

there are a couple of items like that the more material one is a little harder to explain and it's with our groups


So every bid is different and every bid is very competitive, so we have to stay priced sharp in order to win those bids,

so every bid is different and every bid is very competitive so we have to stay priced sharp in order to win those bids


We realized this is a significant request, so we provided 2 additional years of data to facilitate a multi-year settlement.

we realize this is a significant request so we provided 2 additional years of data to facilitate a multi-year settlement


Our third priority is to improve our product and vendor management engagement, and we have made significant progress.

our third priority is to improve our product and vendor management engagement and we have made significant progress


we want to repeat once again that our net profit for this year will be as


and certainly, the ways in which we attract, serve and retain our customers are key differentiating factors.

and certainly the ways in which we attract serve and retain our customers are key differentiating factors


So we're going to do that. We're going to take out cost as much as we possibly can but not cut our innovation programs. That's a core choice for us.

so we're going to do that we're going to take out cost as much as we possibly can but not cut our innovation programs that's a core choice for us


And quite frankly, availability is a big one. When you sift through brands that are available for sale that haven't been

and quite frankly availability is a big one when you sift through brands that are available for sale that haven't been


We have high expectations of ourselves and have implemented a rigorous approach to track our progress with each stakeholder group.

we have high expectations of ourselves and have implemented a rigorous approach to track our progress with each stakeholder group


Could you help us understand your expectation of relative contribution from these initiatives in fiscal '19 and

could you help us understand your expectation of relative contribution from these initiatives in fiscal '19 and


Perhaps one of the most important developments of 2016 was confirmation of the merger rationale.

perhaps one of the most important developments of 2016 was confirmation of the merger rationale


I'd like to now return to the very positive and exciting growth we are experiencing in our commercial health plan business.

i'd like to now return to the very positive and exciting growth we are experiencing in our commercial health plan business


to the product going into the automotive market. I will now turn the call over to Bill for comments on our nonferrous markets. Bill?

to the product going into the automotive market i will now turn the call over to bill for comments on our non-ferrous markets bill


not knowing exactly when that will be. I would say the other categories that come immediately to mind are

not knowing exactly when that will be i would say the other categories that come immediately to mind are


which is somewhat new. We had already put that into our plans for RIIO-ED1, which I think helped justify

which is somewhat new we had already put that into our plan for rio ed1 which i think helped justify


this will end. And yes, I think it's not smart to start speculating about the potential opportunities. But

this will end and yes i think it's not smart to start speculating about the potential opportunities but


is the number of prescriptions filled for patients via the pharmacies, multiplied times the price paid to us by the wholesalers.

as the number of prescriptions filled for patients via the pharmacies multiplied times the price paid to us by the wholesalers


Yes, Ryan, let me reinforce a few of the things Dan said. I mean, because of the nature of the business, there's little guaranteed recurring revenue.

yes brian just let me reinforce a few of the things dan said i mean because of the nature of the business there's little guaranteed recurring revenue


and all of the contracts are being looked at and renegotiated, and savings to be squeezed out of that.

and all of the contracts are being looked at and renegotiated and savings to be squeezed out of that


To understand, if you reach this level, will you pay the debt to your creditors?

to understand if you reach this level will you pay the debt to your creditors


They are recording this in their local balance sheet as a liability. And of course, if the local currency depreciates, it produces a loss

they are recording this in their local balance sheet as a liability and of course if the local currency depreciates it produces a loss


This concludes today's conference call. You may now disconnect.

this concludes today's conference call you may now disconnect


towards the -- they saw some towards the end of the year, there definitely is some pent-up wage pressure, and I think you're seeing that

towards the -- they saw some towards the end of the year there definitely is some pent-up wage pressure and i think you're seeing that


And so there are many other -- and that doesn't even take into account the fact that we have a

and so there are many other -- and that doesn't even take into account the fact that we have a


these newly connected iPass users collected over 5 million network records in the Rio area.

these newly connected ipass users collected over 5 million network records in the rio area


when we made particularly strong investments to support our brands and drive trial behind our innovation programs.


We've got great relationships with all of the lumber producers, I think the tax that's talked about is

we've got great relationships with all of the lumber producers i think that the tax that's talked about is


One of the changes we are making in Canada is managing our used and rental fleets together to provide customers with a broader range of product options.

one of the changes we are making in canada is managing our used and rental fleets together to provide customers with a broader range of product options


Additionally, the contents of this conference call may contain time-sensitive information that is accurate only as of the date of this earnings call.

additionally the contents of this conference call may contain time-sensitive information that is accurate only as of the date of this earnings call


At this stage right now, we still have a healthy pipeline, but this is something we wanted to watch because

at this stage right now we still have a healthy pipeline but this is something we wanted to watch because


We expected the inclusion of index products in MAP will further enhance adviser and client satisfaction with the program.

we expect that the inclusion of index products in map will further enhance adviser and client satisfaction with the program


investing in our research capabilities and emphasizing tighter integration between our investment and sales and marketing personnel.

investing in our research capabilities and emphasizing tighter integration between our investment in sales and marketing personnel


some things changed regarding the legality as well as this kind of level playing field concept with regards to the hotel tax,

some things change regarding the legality as well as this kind of level playing field concept with regards to the hotel tax


The exact timing of rate increases will be a key determinant for the magnitude of any margin increase.

the exact timing of rate increases will be a key determinant for the magnitude of any margin increase


allowing us to drastically reduce cycle time and increase the value of business we process to ourselves and to our clients.


So we were very pleased that productivity improved even with our focus on service and employee retention.

so we were very pleased that productivity improved even with our focus on service and employee retention


I think what you're going to see is they're going to pack their bags and go somewhere else, where they can go, do some large design build work

i think what you're going to see is they're going to pack their bags and go somewhere else where they can go do some large design build work


A combination of strong job growth, low levels of supply and new home product perfectly tailored for the market

the combination of strong job growth low levels of supply and new home product perfectly tailored for the market


without discounting the brand to the extent that it would impact the value proposition, we've certainly been very targeted from that perspective.

without discounting the brand to the extent that it would impact the value proposition we've certainly been very targeted from that perspective


I need to remind you that any forward-looking statements are subject to risks and uncertainties, which are discussed at length in our SEC filings.

i need to remind you that any forward-looking statements are subject to risks and uncertainties which are discussed at length in our sec filings


if you are going to need these inherent investments for that type of growth, is it a safe statement to say that the capital structure

if you are going to need these inherent investments for that type of growth is it a safe statement to say that the capital structure


Both our customers and we, as a company, are excited about the potential for meaningful efficiencies to be gained.

both our customers and we as a company are excited about the potential for meaningful efficiencies to be gained


as we build value in our product development programs across multiple indications continues to be the core focus of our efforts.


And the bank market, Matt, in our experience sort of opens and closes

yes and the bank market matt in our experience sort of opens and closes


Our goal is to finalize our construction costs and schedule by the end of the quarter. I will now turn the call back to Michael.

our goal is to finalize our construction cost and schedule by the end of the quarter i will now turn the call back to michael


as far as, you know you've been very successful in reducing leverage to issuing equity. Does that fit in at all going forward?

as far as you've been very successful in reducing leverage through issuing equity does that fit in at all going forward


While there has been some improvement in exchange rates since our last guidance update, it continues to be volatile, especially in Brazil.

while there has been some improvement in exchange rates since our last guidance update it continues to be volatile especially in brazil


Now before I turn the call over to Randy, I wanted to clarify one of the comments that we made on the fourth quarter conference call.

now before i turn the call over to randy i wanted to clarify one of the comments that we made on the fourth quarter conference call


Meanwhile, our large store in Heathrow Terminal 3 is currently being redeveloped and will open in the next few weeks

meanwhile our large store in heathrow terminal 3 is currently being redeveloped and will open in the next few weeks


Therefore, please be advised that Honda's actual results could differ materially from those described in these forward-looking statements

therefore please be advised that honda's actual results could differ materially from those described in these forward-looking statements


And with Newport's integration now behind us, this is an appropriate time to lay out our leadership succession plans.

and with newport's integration now behind us this is an appropriate time to lay out our leadership succession plan


is typically deferred until substantially later than when we deliver services, bill and collect cash from our customers.

is typically deferred until substantially later than when we deliver services bill and collect cash from our customers


And I think when we drill into the large money center banks, we're talking about a handful of clients.

and i think when we drill into the large money center banks we're talking about a handful of clients


The repositioning, which is really about how we focus on our accessible locations, which we believe have appropriate scale,

the repositioning which is really about how we focus on our accessible locations which we believe have appropriate scale


I think it's probably the first time you've discussed in some degree of detail your design

i think it's probably the first time you've discussed in some degree of detail your design


This is an important strategic initiative within Marlin 2.0, so I'm very pleased to have somebody of Dave's caliber in this role.

this is an important strategic initiative within marlin 2 0 so i'm very pleased to have somebody of dave's caliber in this role


we're not really sure which group of customers would be


complete solutions that empowers students and faculty and drives success in the classroom and beyond. It

complete solutions that empower students and faculty and drive success in the classroom and beyond


As demonstrated earlier this week, Conjur was recognized by Gartner as a Cool Vendor in DevOps because of its leading edge technology.

as demonstrated earlier this week conjure was recognized by gartner as a cool vendor in devops because of its leading-edge technology


has been able to help us start to close the gap where we've had gaps in our performance versus market. We're not there yet.

is been able to help us start to close the gap where we've had gaps in our performance versus market we're not there yet


We remain optimistic about the future of each of our business units for many of the reasons we have discussed today and many we have discussed in the past.

we remain optimistic about the future of each of our business units for many of the reasons we have discussed today and many we have discussed in the past


These initiatives are a key part of HBC's future growth, and we look forward to realizing the benefits of these investments in the coming quarters.

these initiatives are a key part of hbc's future growth and we look forward to realizing the benefits of these investments in the coming quarters


This expense increase was partially offset by our continued operational process improvements and other cost reductions throughout the company.

this expense increase was partially offset by our continued operational process improvements and other cost reductions throughout the company


lowered the cost of investing for their fund investors through various types of fee changes. Can you talk about the factors

lower the cost of investing for their fund investors through various types of fee changes can you talk about the factors


those individual customer decisions are overlaid by the broader macro Industrial Environmental that they operate in.

those individual customer decisions are overlaid by the broader macro industrial environment that they operate in


we feel very confident in the return on our investment when the stores and dealerships are fully ramped and mature.


All of our capital will be focused almost exclusively on the Cardium as those economics are still

all of our capital will be focused almost exclusively on the cardium as those economics are still


especially over the latter part of the last year, which we expect to continue over the first half

especially over the latter part of the last year which we expect to continue over the first half


Increased European sunflower seed sales also added growth to the top line from both price and volume,

increased european sunflower seed sales also added growth to the top line from both price and volume


and probably Tyvek also is where we're really working on our capacity release program we've talked about on the operations side.

and by the way tyvec also is where we're really working on our capacity release program we've talked about on the operation side


These risks, uncertainties, assumptions as well as other information on potential factors that could affect our financial results

these risks uncertainties assumptions as well as other information on potential factors that could affect our financial results


membership would be the focus of our business management going forward. So the

membership would be the focus of our business management going forward so the


of 2020. Now let's turn briefly to our financial results before opening the call up to questions.

of 2020 now let's turn briefly to our financial results before opening the call up to questions


But it is gratifying to see that some of the initiatives we are doing are working. And obviously,

but it is gratifying to see that some of the initiatives we are doing are working and obviously


As we've said for some time, we continually look to improve our capital structure and to lower our cost of capital.

as we've said for some time we continually look to improve our capital structure and to lower our cost of capital


Thank you very much for your efforts in the first half of the year and in anticipation for your contribution

thank you very much for your efforts in the first half of the year and in anticipation for your contribution


We do not undertake to update our forward-looking statements as a result of new information or future events or developments.

we do not undertake to update our forward-looking statements as a result of new information or future events or developments


it would essentially mean -- the high end of our guidance at this point would essentially mean that we'd be flat organically versus last year for the rest of the year,

it would essentially mean the high end of our guidance at this point would essentially mean that we'd be flat organically versus last year for the rest of the year


So I think the elements of growth are present in our regional strategy.

so i think the elements of growth are present in our regional strategy


is that the only region where they are used? Or are we using them as well in more temperate regions?

is that the only region where they are used or are we using them as well in more temporary regions


is part of that a function of -- and I assume these are some of the local brands that you got via Cadbury,

is part of that a function of -- and i assume these are some of the local brands that you got via cadbury


All of this occurred despite a relatively warm winter in many areas of the country and particularly in the Northeast.

all of this occurred despite a relatively warm winter in many areas of the country and particularly in the northeast


Before we begin our formal remarks, we need to remind everyone that today's discussion will include forward-looking statements within the meaning of the federal securities

before we begin our formal remarks we need to remind everyone that today's discussion will include forward-looking statements within the meaning of the federal securities


We confirm our target for the mid-term to reach a position in the top tier of the specialty chemicals industry.

we confirm our target for the midterm to reach a position in the top tier of the specialty chemicals industry


in the coming months there are certain opportunities there that we will be bidding on,


At a minimum, just so everybody on the call can hear his voice and just ask him to share some comments. Obviously,

at a minimum just so everybody on the call can hear his voice and just ask him to share some comments obviously


We're currently planning new apparel and accessory launches in the fall including handbags, outerwear, scarves,

we're currently planning new apparel and accessory launches in the fall including handbags outerwear scarves


Our field sales and commercial operations teams are working very closely together to track the status

our field sales and commercial operations teams are working very closely together to track the status


in terms of overall exposure. When you think of the changes that have been enacted to attempt to cool the market,

in terms of overall exposure when you think of the changes that have been enacted to attempt to cool the market


what led to this banking surprise that we've seen this quarter? I thought earlier we were quite confident of acceleration, but

what led to this banking surprise that we've seen this quarter i thought earlier we were quite confident of acceleration but


Recall that starting in the second quarter of 2014, we experienced a significant increase in demand for mobile equipment used in oil and gas sector

recall that starting in the second quarter of 2014 we experienced a significant increase in demand for mobile equipment used in the oil and gas sector


Margins were very strong. I understand the good volume leverage here. But looks like we're coming in at the high end

margins were very strongly understand the good volume leverage here but looks like we're coming in at the high end


I'm excited about the tremendous progress we've made toward that goal, and we continue to pull levers that add value to the portfolio.

i'm excited about the tremendous progress we've made toward that goal and we continue to pull levers that add value to the portfolio


The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information

the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information


but continues to grow nicely, not only through our banking customers but through partnerships that we do through EPS, and we've talked about some of those in the past.

but continues to grow nicely not only through our banking customers but through partnerships that we do through eps and we've talked about some of those in the past


This is a great example of the discipline required to effectively deploy the capital.

this is a great example of the discipline required to effectively deploy the capital


in Refining to either improve yields or to access more advantaged crude one way or the other. I think the other

in refining to either improve yields or to access more advantaged crude one way or the other i think the other


across all categories as we started to see these new products come online in our stores. So

across all categories as we started to see these new products come online in our stores so


and recent increases in conversion rates that resulted from reengineering student on-boarding processes and expanding student service hours.

and recent increases in conversion rates that resulted from reengineering student onboarding processes and expanding student service hours


It's other countries like Mexico and Korea, where we have made some major increases in our export volumes. And so

it's other countries like mexico and korea where we have made some major increases in our export volumes and so


The operator is currently working with Core's engineers on computations to assist in optimizing their future completion strategies.

the operator is currently working with cores engineers on computations to assist in optimizing their future completion strategies


in the energy states, so we're seeing more and more people bid on different jobs. But that's where we're seeing most of the competition.

in the energy state so we're seeing more and more people bid on different jobs but that's where we're seeing most of the competition


Many of our customers were moving business forward in advance of the plant shutdowns in order to meet anticipated demand.

many of our customers were moving business forward in advance of the plant shutdowns in order to meet anticipated demand


There is a more natural churn there with brokers and so forth and so some of that -- when you look at the churn, it's not any one reason. You've got a couple of different market segments.

there's a more natural churn there with brokers and so forth and so some of that when you look at the churn it's not any one reason you've got a couple different market segments


The pure economics of wind energy are really compelling. Corporate and retail customers want to buy wind.

the pure economics of wind energy are really compelling corporate and retail customers want to buy wind


Increased branding expenditures were strategically redirected from the first quarter to the second and the third quarters of the year.

increased branding expenditures were strategically redirected from the first quarter to the second and the third quarters of the year


While shipments do not immediately translate into sales due to timing of shipments and inventory replenishment at our Richmond and Long Beach terminal,

while shipments do not immediately translate into sales due to timing of shipments and inventory replenishment at our richmond and long beach terminal


much more can you stack on the revenues before you do need to make anything material as far as investment in the line?

how much more can you stack on the revenues before you do need to make anything material as far as investment in the line


Before we begin, I would like to remind everyone that certain matters discussed in today's conference call or answers that may be given to questions asked

before we begin i would like to remind everyone that certain matters discussed in today's conference call or answers that may be given to questions asked


Finally, we remain on track to deliver ongoing earnings solidly within our 2016 guidance range.

finally we remain on track to deliver ongoing earnings solidly within our 2016 guidance range


we really would like to get very much in the mode of designing one and building many, like we did in Angola.

we really would like to get very much in the mode of designing one and building many like we did in angola


These competencies will be increasingly critical as competition for newly originated jumbo loans remains fierce.

these competencies will be increasingly critical as competition for newly originated jumbo loans remains fierce


We also believe that the reduction of term debt for Green Plains improves its credit quality, which should have a positive impact on the partnership.

we also believe that the reduction of term debt for green plains improves its credit quality which should have a positive impact on the partnership


So again, I am very positive that no one got hurt in the facility, and we had no environmental issues around that.

so again i'm very positive that no one got hurt in the facility and we had no environmental issues around that


We've changed the way we innovate quite significantly. And we're pleased to see that our innovation pipeline

we've changed the way we innovate quite significantly and we're pleased to see that our innovation pipeline


For example, where a valuer has carefully looked at a sub-regional asset and has determined that there's probably more supply than demand

for example where a valuer has carefully looked at a sub-regional asset and has determined that there's probably more supply than demand


Okay. And maybe just to follow up on that. I know you gave a number of pointers. But can you help lay out some of your

okay and maybe just to follow up on that i know you gave a number of pointers but can you help lay out some of your


And my observation is what the company's done a very good job on over the last couple years is to recognize that and then build these

and my observation is what the company has done a very good job on over the last couple of years is to recognize that and then build these


or maybe sell a portion of it to a partner that has a different type of balance sheet and things where you would still have access


what can we do to help solve the energy issues that we're facing in New York and New England?

what can we do to help solve the energy issues that we're facing in new york and new england


I think it usually happens very quickly because what we've seen is the distributors react accordingly. So

i think it usually happens very quickly because what we've seen is the distributors react accordingly so


For information on this matter, we refer you to our prior public filings. We will not be making any additional comments on this matter on this call.

for information on this matter we refer you to our prior public filings we will not be making any additional comments on this matter on this call


then you could have an integration team with inside the customer that could actually start doing the integrations.

then you have an integration team with inside the customer that can actually start doing the integrations


And that's our strategy and we're pushing into it. We should expect strong growth in that line item for quite a while.

and that's our strategy and we're pushing into it we should expect strong growth in that line item for quite a while


The proceeds from our asset sales, together with our strong operating cash flows, have reduced our financing needs for new acquisitions in this current environment.

the proceeds from our asset sales together with our strong operating cash flows have reduced our financing needs for new acquisitions in this current environment


We deployed the first phase of a new platform in October that is driving our search pages and most of our apparel product pages in English.

we deployed the first phase of a new platform in october that is driving our search pages and most of our apparel product pages in english


from brands that, you could say, were demand brands that had a lot of excess inventory that then created more pressure

from brands that you could say were demand brands that had a lot of excess inventory that then created more pressure


When we look at our existing base of business, meaning business with existing customers, I give us strong grades. We're growing nicely.

when we look at our existing base of business meaning business with existing customers i give us strong grades we're growing nicely


Yes, with respect to ARPA revenue, while au ARPA is increasing and the

yes with respect to arpa revenue well au arpa is increasing and the


we recognize that this is only a beginning and that a lot more work remains to be done over the next few quarters.

we recognize that this is only a beginning and there's a lot more work remains to be done over the next few quarters


Project starts for customers were delayed by both scheduling and some logistical issues, sand and water delays

project starts for customers were delayed by both scheduling and some logistical issues sand and water delays


yes, the DUC count continues to climb and I'm just trying to sort through

yes the duct count continues to climb and i'm just trying to sort through


and we remain on track to bring Aviat to profitability this fiscal year on an adjusted EBITDA basis.

and we remain on track to bring abiat to profitability this fiscal year on an adjusted ebitda basis


gaining full ownership earlier and catching more of that upside make sense, given you're going to have all these proceeds coming in?

gaining full ownership earlier and catching more of that upside makes sense given you're going to have all these proceeds coming in


The technology clearly is working for clinicians as consumable growth continues at a very healthy pace, which is a tremendous positive.

the technology clearly is working for clinicians as consumable growth continues at a very healthy pace which is a tremendous positive


Second, the sales changes have freed up our sellers to engage in more growth activities,

second the sales changes have freed up our sellers to engage in more growth activities


Before wrapping up, I'll talk about Mexico which is an exciting development for the company.

before wrapping up i'll talk about mexico which is an exciting development for the company


Yes, Justin, this is Don. So at the end of the day, what we've tried to do over the last few years is to penetrate our customers across our business lines.

yes justin this is don so at the end of the day what we've tried to do over the last few years is to penetrate our customers across our business lines


from the artificially depressed growth this year and that you'd get back to like a GDP-ish-like number in 2019 on capacity

from the artificially depressed growth this year and that you get back to like a gdp-ish-like number in 2019 on capacity


The decline in this volume is driving a significant unfavorable mix impact to unit margins and segment profit.

the decline in this volume is driving a significant unfavorable mix impact to unit margins and segment profit


Once again, that does conclude today's conference. Thank you for your participation. You may now disconnect.

once again that does conclude today's conference thank you for your participation you may now disconnect


as of June 30, 2016. The increase was primarily driven by the Samsung payment received during the quarter

as of june 30 2016 the increase was primarily driven by the samsung payment received during the quarter


We were happy to receive continued support from previous noteholders and new investors, in addition to our preferred stockholder.

we were happy to receive continued support from previous noteholders and new investors in addition to our preferred stockholder


We have high expectations for our SmartReach Digital business, which we hope will grow into a meaningful player in the digital marketing solutions market.

we have high expectations for our smartreach digital business which we hope will grow into a meaningful player in the digital marketing solutions market


that are nontraditional and that can make money in those categories. So I'd say, for the last 18 months or so,

that are nontraditional and that can make money in those categories so i'd say for the last 18 months or so


So ore volumes are now expected to increase as we aggressively expose more of the orebody in the center of the pit.

so ore volumes are now expected to increase as we progressively expose more of the ore body in the center of the pit


During the quarter, Anadarko announced a key milestone of reaching their marine concession agreements with the government of Mozambique

during the quarter anadarko announced a key milestone of reaching marine concession agreements with the government of mozambique


as we veered away from the 5 critical success factors, which have historically driven our success over the past 2 decades.

as we veered away from the 5 critical success factors which have historically driven our success over the past 2 decades


Wireless continued to have excellent financial performance, as can be seen in the metrics, and strong Wireless postpaid growth.

wireless continue to have excellent financial performance as can be seen in the metrics and strong wireless postpaid growth


Well, actually, we have -- the reason we don't have every last dollar in there is because there is some cost on the top line.

well actually we have -- the reason we don't have every last dollar in there is because there is some cost on the top line


We are working with our larger retail partners to improve in-stock and inventory productivity at levels at retail

we are working with our larger retail partners to improve in-stock and inventory productivity at levels at retail


and relate this to the expected mine life of some of our key operations. I'll briefly cover our project pipeline

and relate this to the expected mine life of some of our key operations i'll briefly cover our project pipeline


in the way the supply stack performed that makes it kind of different than your assumptions going into the summer?


I think one thing I do want to make a point about, though, is that on the remediation as it relates to the mines,

i think one thing i do want to make a point about though is that on the remediation as it relates to mines


Importantly, however, even though July prices did not reach the scarcity extremes that some might have expected during the July heat wave,

importantly however even though july prices did not reach the scarcity extremes that some might have expected during the july heat wave


Both are industries that we know well and we expect will realize growth and innovation opportunities in the years to come.

both are industries that we know well and we expect will realize growth and innovation opportunities in the years to come


okay, we really have to maximize our margin as best we possibly can. And given our model with small order sizes,

okay we really have to maximize our margin as best we possibly can and given our model with small order sizes


Going forward, we expect prices for these products to remain fairly steady with current levels due to in large part,

going forward we expect prices for these products to remain fairly steady with current levels due to in large part


in terms of our share in telephony or the mix in general. But what I can say to that end

in terms of our share in telephony or the mix in general but what i can say to that end


Finally, I'd like to thank all of our dedicated employees for their unwavering focus on the safety and comfort of our customers

finally i'd like to thank all of our dedicated employees for their unwavering focus on the safety and comfort of our customers


kind of unique customer dynamics that actually happened in the third quarter of last year when this EU roaming regulation actually went into effect.

kind of unique customer dynamics that actually happened in the third quarter of last year when this eu roaming regulation actually went into effect


Our ability to efficiently target solid tumors has grown substantially over the past year, so we will also discuss this in some depth.

our ability to efficiently target solid tumors has grown substantially over the past year so we will also discuss this in some depth


This is a great example of the power of our platform, products and brand all working together to drive real financial benefit.

this is a great example of the power of our platform products and brand all working together to drive real financial benefit


a transfer to the industry. You said that the conversations are

a transfer to the industry you said that the conversations are


This analysis makes sense given the fact that we naturally are in the process of deploying the new equity proceeds.

this analysis makes sense given the fact that we naturally are in the process of deploying the new equity proceeds


during the Capital Markets Day, and this is not partnering related. So we are still expecting this to occur

during the capital markets day and this is not partnering related so we are still expecting this to occur


We anticipate that this is likely to have a positive impact on aggregate demand for the foreseeable future.

we anticipate that this is likely to have a positive impact on aggregate demand for the foreseeable future


I think that's something we need to take a hard look at and we don't want to ad lib it on the call. But it's a very, very, good question

i think that's something we need to take a hard look at and we don't want to add libbit on the call but it's a very very good question


And in terms of whether we can go in the black in the second half of 2018, that is our plan and we stand by our plan

and in terms of whether we can go in the black in the second half of 2018 that is our plan and we stand by our plan


Of all the studies we've ever done, I've never seen enthusiasm for a trial at BioCryst like I've seen for this one.

of all the studies we've ever done i've never seen enthusiasm for a trial at biocrist like i've seen for this one


makes us continue to try and be agile and deliver great value for customers in a cost-effective way and


Mark provided a perspective on total incremental spending on security and technology transformation over the 2018 to '20 period.

mark provided a perspective on total incremental spending on security and technology transformation over the 2018 to 20 period


What's interesting is you do see a tremendous amount of new recruits on Connect

what's interesting is you do see a tremendous amount of new recruits on connect


guiding to 300 basis points improvement in '18, it just shows how well this business model responds

guiding to 300 basis points improvement in '18 it just shows how well this business model responds


loss and loss adjustment expenses declined. I think you might -- went over a little bit in your comment, can you go over it again, please?

loss and loss adjustment expenses declined i think you might have went over it a little bit in your comments can you go over it again please


Importantly, revenue growth accelerated in the fourth quarter, and our productivity initiatives continued to gain traction.

importantly revenue growth accelerated in the fourth quarter and our productivity initiatives continued to gain traction


We're going to now roll up our sleeves. We're going to get back to work, and we look forward to providing a positive progress report on our next earnings call.

we're going to now roll up our sleeves we're going to get back to work and we look forward to providing a positive progress report on our next earnings call


Before going through each segment, let me say again for the second quarter in a row that our U.S. business in total is doing very well.

before going through each segment let me say again for the second quarter in a row that our u s business in total is doing very well


our organic growth is somewhat below what we estimate as the market growth, so I tick that off as a yellow.

our organic growth is somewhat below what we estimate as the market growth so i ticked that off as a yellow


This dynamic, along with the successful release of Digital Content Ratings this month and increasing demand for our Video On Demand measurement,

this dynamic along with the successful release of digital content ratings this month and increasing demand for our video on demand measurement


We expect to fully combine our Irvine operations into the Aliso Viejo facility around the end of the year.

we expect to fully combine our irvine operations into the aliso viejo facility around the end of the year


and potentially, the drilling of a new well, all of which will target most the Cretaceous and tertiary reservoirs. We will

and potentially the drilling of a new well all of which will target both the cretaceous and tertiary reservoirs we will


focus people on realized income, and we want to simplify the lens that people are thinking about our business and seeing it through.

focus people on realized income we want to simplify the lens that people are thinking about our business and seeing it through


it was to a lesser degree. And the reason is that in both of those areas, and I referred to this,

it was to a lesser degree and the reason is that in both of those areas and i refer to this


As we turn to the next slide, this chart compares our performance in the first quarter to the results of the fourth quarter of last year.

as we turn to the next slide this chart compares our performance in the first quarter to the results of the fourth quarter of last year


We updated our guidance for the second half of the year in order to better reflect our evolving business model.

we updated our guidance for the second half of the year in order to better reflect our evolving business model


had a smaller operating loss in Q2, and we are optimistic that the benefits of an improved sales backlog will drive this segment to profitability

had a smaller operating loss in q2 and we are optimistic that the benefits of an improved sales backlog will drive this segment to profitability


in the marrow is really dependence on transfusion. And as such, they are asking us to see

in the marrow is really dependence on transfusion and as such they are asking us to see


We have programs running there. And again, also the additional capacity that will come in will help us to get

we have programs running there and again also the additional capacity that will come in will help us to get


gradually migrating that, whilst at the same time, we will introduce the new mail route

gradually migrating that whilst at the same time we will introduce the new meal route


stores in Ontario, how that's worked out, whether it adds anything or builds traffic or what's your early view of it is.

stores in ontario how that's worked out whether it adds anything or builds traffic or what your early view of it is


what I wanted was just to explain the rationale behind that, but I must say that

what i wanted was just to explain the rationale behind that but i must say that we


This includes a couple of very significant wins for us in Madrid and Rio de Janeiro, which I'll come on to in a moment.

this includes a couple of very significant wins for us in madrid and rio de janeiro which i'll come on to in a moment


to try to bring that International business to where we see steady continuous improvement in the profitability as we move forward.

to try to bring that international business to where we see steady continuous improvement in the profitability as we move forward


which demonstrates how well the organization can operate through the cycle. It gives me great confidence that we are on the right side of the growth curve

which demonstrates how well the organization can operate through the cycle it gives me great confidence that we are on the right side of the growth curve


Below the line. So what can we tell you about what's happening below the line? So some

below the line so what can we tell you about what's happening below the line so some


and operator to be aware of the latest technologies and the capabilities of those technologies so that


Her expertise and insights will be a valuable addition to the Fluidigm team, particularly as we pursue increased penetration in pharma customers.

her expertise and insights will be a valuable addition to the fluidigm team particularly as we pursue increased penetration in pharma customers


except as may be required by law. During the call, we will also present some financial information on a non-GAAP basis.

except as may be required by law during the call we will also present some financial information on a non-gaap basis


strong activity in the German transportation infrastructures markets will last, notwithstanding the

the strong activity in the german transportation infrastructures markets will last notwithstanding the


Based on what we've seen, it's clear that the fourth quarter was a significant step in that direction as our results speak for themselves.

based on what we've seen it's clear that the fourth quarter was a significant step in that direction as our results speak for themselves


Our ability to take on these stronger volumes was aided by the expansion of our heavy haul fleet capacity with the investment in growth capital

our ability to take on these stronger volumes was aided by the expansion of our heavy haul fleet capacity with the investment in growth capital


We also have an employee base that knows the automotive industry as well, if not better, than anyone else in our space.

we also have an employee base that knows the automotive industry as well if not better than anyone else in our space


And does that imply that in future quarters, we should see some sort of similar expansion?

and does that imply that in future quarters we should see some sort of similar expansion


Firstly, lettings and contracts, as Lawrence said, we've had very good momentum on leasing and letting across the year

firstly lettings and contracts as laurence said we've had very good momentum on leasing and letting across the year


But I think it's pretty clear the kind of demand framework and the kind of way that we're looking to deploy our capital

but i think it's pretty clear the kind of demand framework and the kind of way that we're looking to deploy our capital


as a CEO, what you need to do is be very clear about the directions we're going, be very clear about how you measure performance and ask the right questions.

as a ceo what you need to do is be very clear about the directions we're going be very clear about how you measure performance and ask the right questions


and resulting demand against the constrained supply is forcing rents higher on a global scale, as you will see from our slides.

and resulting demand against the constrained supply is forcing rents higher on a global scale as you will see from our slides


Over the past year, we have faced many challenges, but our team is thriving and we are well on our way to becoming a strong public company.

over the past year we have faced many challenges but our team is thriving and we are well on our way to becoming a strong public company


We have some demographic factors and also the retirement issues Roman talked about.

we have some demographic factors and also the retirement issues roman talked about


in order to balance growth and our profitability targets. These actions led to a slow start to originations in the fourth quarter.

in order to balance growth and our profitability targets these actions led to a slow start to originations in the fourth quarter


if it wasn't for the benefit of things like the renewables. We do invest in the bank on life insurance, and we also have

if it wasn't for the benefit of the -- things like the renewables we do invest in bank on life insurance and we also have some


In addition to our technology products, we continue to recognize benefits from the water-related acquisitions completed over the last few years.

in addition to our technology products we continue to recognize benefits from the water-related acquisitions completed over the last few years


it was a relatively unknown supplier they were doing it with and a relatively uncompetitive deal that they were offering. So

it was a relatively unknown supplier they were doing it with and a relatively uncompetitive deal that they were offering so


in the next 5 years. And so when I talk about aggressive, we're saying we're going to do everything in the next 5 years that we did in the first 15 years.

in the next 5 years and so when i talk about aggressive we're saying we're going to do everything in the next 5 years that we did in the first 15 years


we believe this level of investment provides the right balance of investing for organic growth while still delivering operating leverage.


In emerging markets, the key points we watch are the affordability of our products for consumers and the actions of local competitors.

in emerging markets the key points we watch are the affordability of our products for consumers and the actions of local competitors


so we are building greater flexibility in our organization to bring innovation to market faster than ever before.


And we will invest in training our global associates to arm them with the skills to succeed in tomorrow's workplace.

and we will invest in training our global associates to arm them with the skills to succeed in tomorrow's workplace


It is important to note that our large Enterprise delivery business is the least profitable part of our global operations.

it is important to note that our large enterprise delivery business is the least profitable part of our global operations


and all the engine manufacturers have the same hooks as we do in terms of knowledge and intellectual property in the engines.

and all the engine manufacturers have the same hooks as we do in terms of knowledge and intellectual property in their engines


And the other thing to keep in mind is this is not just an HPE thing. This is an industry thing. So how will the competition in the industry

and the other thing to keep in mind is this is not just an hpe thing this is an industry thing so how will the competition in the industry


We have a new leader in place since January in that business for retail Germany overall,

we have a new leader in place since january in that business for retail germany overall


This increase is primarily driven by the increase in the number of Corporate restaurants, including the addition of St-Hubert and Original Joe's,

this increase is primarily driven by the increase in the number of corporate restaurants including the addition of saint hubert and original joe's


The collaboration task has been coming in different fronts and different forms.

the collaboration task has been coming in different fronts and different forms thank you


we've managed to balance our initiatives with rectifying some of the core issues we faced in the prior year,


The slight decrease was driven by higher research and development expense as well as end of the year physical inventory adjustments.

the slight decrease was driven by higher research and development expense as well as end of the year physical inventory adjustments


the government is taking measures to improve quality of generic products, which will help grow generics.

the government is taking measures to improve quality of generic products which will help grow generics


so the strong contribution from -- margin-wise from project volumes as we've seen in a couple of quarters before,

so the strong contribution from margin-wise from project volumes as we've seen in a couple of quarters before


distribution, this is something we will share with you as part of the strategic plan because we have done a very detailed review

distribution this is something we will share with you as part of the strategic plan because we have done a very detailed review


that demand a very high level of service and a very comprehensive


The connection of subsea field wells is ongoing and is expected to complete by December.

the connection of subsea field wells is ongoing and is expected to complete by december


in part, reflecting early benefits of Sunrise although partly offset by increased incentive compensation costs.

in part reflecting early benefits of sunrise although partly offset by increased incentive compensation costs


what are some examples of how the economic weakness is causing you to revisit your marketing plans, if at all, whether it be

what are some examples of how the economic weakness is causing you to revisit your marketing plans if at all whether it be


As expected, higher prices were the key driver, contributing about 7 percentage points of growth.

as expected higher prices were the key driver contributing about 7 percentage points of growth


what we were doing was working and was getting the results, not only just results, but the results we wanted.

what we were doing was working and was getting the results not only just results but the results we wanted


By the end of the year, we will also finalize the group meeting space design and will evaluate the timing of any future development at the property.

by the end of the year we will also finalize the group meeting space design and will evaluate the timing of any future development at the property


is there any talk of the government loosening the constraints on currency conversion into dollars?


This is an attractive site in a national capital city, and we'll be deliberate in our approach to generate the greatest long-term value.

this is an attractive site in a national capital city and we'll be deliberate in our approach to generate the greatest long-term value


So in conclusion, despite the challenges resulting from the 3 hurricanes, our team has produced another excellent quarter.

so in conclusion despite the challenges resulting from the 3 hurricanes our team has produced another excellent quarter


just curious how to think about where that margin will shake out in the first quarter and how to think about, if you can

just curious how to think about where that margin will shake out in the first quarter and how to think about -- if you can


Now with tax-efficient access to our significant global free cash flow, we see great opportunity in all 3 of these areas.

now with tax-efficient access to our significant global free cash flow we see great opportunity in all 3 of these areas


to significant known and unknown uncertainties and changes in circumstances, many of which are beyond our control.

due to significant known and unknown uncertainties and changes in circumstances many of which are beyond our control


So obviously, that positions us extremely well as they move towards production and the test systems that will follow.

so obviously that positions us extremely well as they move towards production and the test systems that will follow


We remain optimistic on the long-term opportunity related to domestic energy production and the need for mobile products that are essential for these activities.

we remain optimistic on the long-term opportunity related to domestic energy production and the need for mobile products that are essential for these activities


Yes. And so we absolutely saw a healthy increase in pricing. And I'll tell you, I think the majority of that is due to weather. We had

yes and so we absolutely saw a healthy increase in pricing and i'll tell you i think the majority of that is due to weather we had


you're not seeing anything other than normal seasonal increases in harvest costs and that's part of what is driving the sequential

you're not seeing anything other than normal seasonal increases in harvest cost and that's part of what is driving the sequential


So as a consequence of that, I certainly believe that this set of numbers is best interpreted as two chapters

so as a consequence of that i certainly believe that this set of numbers is best interpreted as 2 chapters


Turning to expenses, we increased our forecast on cost management in a slowing revenue growth environment.

telling to expenses we increased our focus on cost management in a slowing revenue growth environment


at what we are focusing on over the medium to longer term and our medium- to longer-term financial targets as a consequence of that.

at what we are focusing on over the medium to longer term and our medium to longer term financial targets as a consequence of that


region in the world, except with the possible exception of China, where we are not gaining share.

any region in the world except -- with a possible exception of china where we are not gaining share


Firstly, the outlook for both the existing home and new housing market segments in Australia and New Zealand is to remain relatively bland.

firstly the outlook for both the existing home and new housing market segments in australia and new zealand is to remain relatively buoyant


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


We refer all of you to the company SEC filings for a more detailed discussion of the risk factors that could cause these differences.

we refer all of you to our sec filings for a more detailed discussion of the risk factors that could cause these differences


organic and the inorganic coming through to help drive that. And as that kind of flows through to earnings,

organic and the inorganic coming through to help drive that and as that kind of flows through to earnings


As permitted by first-time adoption regulation, the charge associated with the increase in allowances was taken against our equity account.

as permitted by first-time adoption regulation the charge associated with the increase in allowances was taken against our equity account


But the direction is very exciting, and for me, seeing how these new approaches resonate with customers

but the direction is very exciting and for me seeing how these new approaches resonate with customers


but should not be considered superior to, as a substitute for and should be read in conjunction with the GAAP financial measures for the period.

but should not be considered superior to as a substitute for and should be read in conjunction with the gaap financial measures for the period


Going forward, we see continued opportunity in examining how customers use the various channels in their shopping journey

going forward we see continued opportunity in examining how customers use the various channels in their shopping journeys


given your -- the number of programs that you've got and given the ability to understand how multiple therapies can be used into the future,


We expect our new insurance written will stabilize around that level, with potential for modest growth over the next 12 to 18 months.

we expect our new insurance written will stabilize around that level with potential for modest growth over the next 12 to 18 months


while EBITDA margins increased by 50 basis points at the midpoint to a new range of flat

while ebitda margins increased by 50 basis points at the midpoint to a new range of flat


We also anticipate stronger transient demand and remain positive about the outlook for the rest of the year.

we also anticipate stronger transient demand and remain positive about the outlook for the rest of the year


of our sales and service teams, our product strength and financial performance, and I appreciate the great work of our Paychex employee team.

of our sales and service teams our product strength and financial performance and i appreciate the great work of our paychex employee team


is the very, very large industrial gas projects around the world driven by demand for more energy,

is the very very large industrial gas projects around the world driven by demand for more energy


they appreciate the differentiation, or is this a market where we're going to have to think about deep discounts to get preferred status?

they appreciate the differentiation or is this a market where we're going to have to think about deep discount to get preferred status


because we have so many variable components, like our fixed income business, that make it hard to ever reconcile back to that.

because we have so many variable components like our fixed income business that make it hard to ever reconcile back to that


our investment in Nashville in the music industry and the bankers that have come on board to help us build that business.

our investment in nashville and the music industry and the bankers that have come on board to help us build that business


for the future of DST. And we're confident we have the right strategy in place and the right team executing to deliver on our objectives.

for the future of dst and we're confident we have the right strategy in place and the right team executing to deliver on our objectives


These forward-looking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions.

these forward-looking statements are subject to known and unknown risks and uncertainties and other factors as well as general economic conditions


We continue to work cooperatively with the permitting authorities, state agencies, elected officials and the public to bring these projects into service.

we continue to work cooperatively with the permitting authorities state agencies elected officials and the public to bring these projects into service


But we believe we can still talk to this via our medical liaisons based on

but we believe we can still talk to this via our medical liaisons based on


We value Anthem as a client, and we very much would like to continue working with them for the long term.

we value anthem as a client and we very much would like to continue working with them for the long term


namely lower input cost, manufacturing cost savings and higher capacity utilization.

namely lower input costs manufacturing cost savings and higher capacity utilization


On the flip side of all that, I continue to be very impressed with our entire sales support team

on the flip side of all that i continue to be very impressed with our entire sales support team


as well business and financial meetings has increased substantially in 2018 already and with global reach.


the post-acute management risk of these patients off of their plate. We believe that, that

the post-acute management risk of these patients off of their plate we believe that that


Should we expect for the full year that you can keep growing double digits, obviously, understanding you're going to have 1 less week next year than you did this year?

should we expect for the full year that you can keep growing double digits obviously understanding you're going to have one less week next year than you did this year


we could be facing a more moderate growth in U.S. shale production in the coming years than what the most optimistic views have been suggesting.

we could be facing a more moderate growth in u s shale production in the coming years than what the most optimistic views have been suggesting


The impact of spread widening was cushioned by our modest leverage and by the overall resiliency of our credit-focused portfolio,

the impact of spread widening was cushioned by our modest leverage and by the overall resiliency of our credit-focused portfolio


I think it'd be too early of a reaction. And again, I want to reiterate. We're still very positive about the Asia growth platform for us.

i think it'd be too early of a reaction and again i want to reiterate we're still very positive about the asia growth platform for us


The same can be said of Diego, who in a short period of time has demonstrated strong leadership and domain expertise.

the same can be said of diego who in a short period of time has demonstrated strong leadership and domain expertise


We continued to make progress in the business segment this quarter, although the challenges mentioned in previous quarters remained.

we continued to make progress in the business segment this quarter although the challenges mentioned in previous quarters remain


Cost reductions were quite effective. Are there any special factors,

cost reductions were quite effective are there any special factors


but for patients that really realize the full benefit of the drug and then realize the benefits, particularly in the abdominal symptom relief,

but for patients to really realize the full benefit of the drug and realize the benefits particularly in the abdominal symptom relief


Inventory will probably go up now in the next quarter as we prepare for the big fourth quarter, as many of you who follow us know.

inventory will probably go up now in the next quarter as we prepare for the big fourth quarter as many of you who follow us know


and then I will take the liberty to talk about the progress we have made in implementing our strategy and recent changes

and then i will take the liberty to talk about the progress we have made in implementing our strategy and recent changes


We have seen some increases in service cost, particularly on the completion side. But we're still comfortable with this range for now.

we have seen some increases in service costs particularly on the completion side but we are still comfortable with this range for now


We've incorporated the modern food attributes millennials value into our iconic brands to reimagine our frozen portfolio.

we've incorporated the modern food attributes millennials value into our iconic brands to reimagine our frozen portfolio


However, my confidence in our ability to deliver sustainable, profitable growth for investors with this acquisition is unwavering.

however my confidence in our ability to deliver sustainable profitable growth for investors with this acquisition is unwavering


And finally, I've spoken in the past about enterprise contracting and our ability to leverage our increasing scale and breadth.

and finally i've spoken in the past about enterprise contracting and our ability to leverage our increasing scale and breadth


That begets inflation. It drives up our raw materials in that market, and we've got to get pricing to offset that, which we're doing

that gets inflation it drives up our raw materials in that market and we've got to get pricing to offset that which we're doing


down modestly worse year-on-year than the third quarter simply because the fourth quarter comps of last year included


as a chemical feedstock. The world is short on propylene and more and more of our customers are investing

as a chemical feedstock the world is short on propylene and more and more of our customers are investing


the number is lower because Berkeley Point carries with it a lower compensation ratio because it's a different kind of business.

the number is lower because berkeley point carries with it a lower compensation ratio because it's a different kind of business


we actually had a sales decline from Q2 to Q3. And then the second reason is that we did have some

we actually had a sales decline from q2 to q3 and then the second reason is that we did have some


that market would weaken up a little bit and it did. We think longer term, we think Lighting continues to be a positive market

that market would weaken up a little bit and it did we think longer term we think lighting continues to be a positive market


In general the advisors, and if you relate specifically to the advisors that are

in general the advisers and if you relate specifically to the advisers that are


Our second strategic priority is to execute on acquisitions at post-synergy multiples that are well below our trading multiple.

our second strategic priority is to execute on acquisitions at post synergy multiples that are well below our trading multiple


And I am certain, more certain than ever, that there is a significant opportunity for Phoenix to generate further value

and i am certain more certain than ever that there is a significant opportunity for phoenix to generate further value


Looking to the future, Phoenix is starting from a solid base and is well placed for that future.

looking to the future phoenix is starting from a solid base and is well placed for that future


as well as our valuation. So there's nothing that we're not going to be looking at per se from a strategic perspective.

as well as our valuation so there's nothing that we're not going to be looking at per se from a strategic perspective


And therefore, we had that anticipated in really first half of '17, but that was brought forward a little bit earlier than we anticipated

and therefore we had that anticipated in really first half of '17 but that was brought forward a little bit earlier than we anticipated


of maximum transparency on the acquired companies from day 1. We call it accountability concept.

of maximal transparency on the acquired companies from day 1 we call it accountability concept


again, really solid performance. Can you just give us some details on the sources of growth either by geography or initiatives or products?

again really solid performance can you just give us some details on the sources of growth either by geography or initiative or products


and technology showcase that brings together manufacturers, integrators and wireless professionals from across the industry.

and technology showcase that brings together manufacturers integrators and wireless professionals from across the industry


improving profitability and delivering higher returns on invested capital is definitely gaining momentum.

improving profitability and delivering high returns on invested capital is definitely gaining momentum


We are also expanding our advisory platform and product offerings as well as working to increase our number of investment advisers.

we're also expanding our advisory platform and product offerings as well as working to increase our number of investment advisers


That's real money in the pockets of the middle market that will positively impact our ability to recruit people as well as make sales.

that's real money in the pockets of the middle market that will positively impact our ability to recruit people as well as make sales


The structured way that we're approaching helping our clients structuring the way we deliver our advice

the structured way that we're approaching helping our clients structuring the way we deliver our advice


related to estimated losses for litigation matters partially offset by Sandpiper asset liquidation gains.

related to estimated losses for litigation matters partially offset by sandpiper asset liquidation gains


We received initial responses from numerous potential buyers and received multiple indicative bids in mid-September.

we received initial responses from numerous potential buyers and received multiple indicative bids in mid-september


While we are still very early in the rollout, we are optimistic about the potential to unlock additional growth with the redesign of our application.

while we are still very early in the rollout we are optimistic about the potential to unlock additional growth with the redesign of our application


With this payment in full of the surplus notes, the company now no longer needs to obtain the consent

with this payment in full of the surplus notes the company now no longer needs to obtain the consent


the clients who are in for the long run don't have to worry about other clients withdrawing and screwing up the cash flow


reflecting mixed performance in private assets and strength in some public equities and energy-related debt securities.


Within our retirement plan services business, we benefited in 2015 from a number of large projects in our actuarial business.

within our retirement plan services business we benefited in 2015 from a number of large projects in our actuarial business


as well as our ability to make significant investments in new equipment and facilities to support this growth.


as a percentage of our total revenues. I think our revenues for services will still be,

as a percentage of our total revenues i think our revenues for services will still be


We have advanced the process of bringing Lakeland products online, which we view as providing us with opportunities for sales growth

we have advanced the process of bringing lakeland products online which we view as providing us with opportunities for sales growth


I think you said it's going to be flat this year. Do you expect Gateways, given the projects that you on

i think you said it's going to be flat this year do you expect gateways given the projects that you


So we will grow our cardiovascular and vein modalities in all of our markets appropriately.

so we will grow our cardiovascular and vein modalities in all of our markets appropriately


Sure. Let me start by saying that we're really pleased with the progress we've made in Global Credit. And Look, this is a major strategic

sure let me start by saying look we're really pleased with the progress we've made in global credit and look this is a major strategic


Second, I think we've proven our thesis that our market is much bigger than international business travelers,

second i think we've proven our thesis that our market is much bigger than international business travelers


We were cautiously optimistic but pleased with the increase related to the flu business. We don't want to be known as the company that only

we were cautiously optimistic but pleased with the increase related to the flu business we don't want to be known as the company that only


by kind of -- in some way that virtual capacity that's building and the success our partners are seeing, which we think is really goodness for

by kind of in some way that virtual capacity that's building and the success our partners are seeing which we think is really goodness for


install and operate the platform and get initial workloads on very quickly. We find that if they get the platform operational and

install and operate the platform and get initial workloads on very quickly we find that if they get the platform operational and


the basis for filing supplements in the context of having multiple reviews. And maybe if I could elevate just a little bit, I would say that

the basis for filing supplements in the context of having multiple reviews and maybe if i could elevate just a little bit i would say that


We look at returns on investments. So we have significantly over the last few years stepped up our level of advertising. Why? It's working.

we look at returns on investments so we have significantly over the last few years stepped up our level of advertising why it's working


Going forward, we have identified and addressed several areas within our billing and collection process that have been enhanced.

going forward we have identified and addressed several areas within our billing and collection process that have been enhanced


We view it as our civic duty after making all necessary preparations and ensuring that safety will not be compromised

we view it as our civic duty after making all necessary preparations and ensuring that safety will not be compromised


And the charge in the fourth quarter was essentially a full charge-off of an unsecured portion of a loan, so both of those are gone.

and the charge in the fourth quarter was essentially a full charge off of an unsecured portion of a loan so both of those are gone


more variety in terms of the offering. Customers do expect that they have an opportunity to

more variety in terms of the offering customers do expect that they have an opportunity to


while it might not have a completely fixed rate of predictability, we know that that's ongoing. We've built technology over the last few years that helps

while it might not have a completely fixed rate of predictability we know that that's ongoing we've built technology over the last few years that helps


As a reminder, heavy industry includes sales to agriculture equipment OEMs, which has been a weaker area of the market.

as a reminder heavy industry includes sales to agriculture equipment oems which has been a weaker area of the market


and have entered into an agreement with Colonial Pipeline to improve and upgrade our connection.

and have entered into an agreement with colonial pipeline to improve and upgrade our connection


and still have a very conservative distribution coverage. So

and still have very conservative distribution coverage so


and continue to be encouraged by the growth momentum. So getting growth in fourth quarter

and continue to be encouraged by the growth momentum so getting growth in fourth quarter


required subjects to attend a clinic or a hospital when they had an attack, necessitating sometimes long delays before treatment.

required subjects to attend a clinic or a hospital when they had an attack necessitating sometimes long delays before treatment


including use of our integrated Deluxe Marketing Suite across all customers and channels,

including use of our integrated deluxe marketing suite across all customers and channels


It's just that going into the third quarter we were expecting such a pickup. And I'm just trying to think if there had been

it's just that going into the third quarter we were expecting such a pickup and i'm just trying to think if there had been


very good about the progress toward not just getting out the residual expenses but going far beyond that as we grow the company.


is there any way you could give us, I guess, a little bit of guidance on what's expected from that project in 2019? If

is there any way you could give us i guess a little bit of guidance on what's expected from that project in 2019 yes


As we were ramping up in Q1, not only did we ramp up their business, but we got them on a

as we are ramping up in q1 not only did we ramp up their business but we got them on a


And if I could ask one follow-up. Can you give us a sense on where you are in your programming renewal cycles

if i could ask one follow-up can you give us a sense on where you are in your programming renewal cycles


As we reiterated immediately after the announcement, the partnership continues to execute and focus on completing the growth strategy we have outlined,

as we reiterated immediately after the announcement the partnership continues to execute and focus on completing the growth strategy we have outlined


communicate in much more impactful way. And we're looking for ways in some of those medium to small markets

communicate in a much more impactful way and we're looking for ways in some of those medium to small markets


potentially be able to file this in 2019? Or do you think you might have to do some more

potentially be able to file this in 2019 or do you think you might have to do some more


somewhat universal for the industry that are under-hired right now and doing the very best we can to bring on additional talent

somewhat universal for the industry that are underhired right now and doing the very best we can to bring on additional talent


in order to redeploy the proceeds into first lien loans. This past quarter, we continued to make progress in this effort.

in order to redeploy the proceeds into first lien loans this past quarter we continued to make progress in this effort


You can also write down your questions on question slips. You have the slips with you at your desk.

you can also write down your questions on question slips you have the slips with you at your desk


All currently approved products treat the symptoms of PAH, but do not address the underlying disease.

all currently approved products treat the symptoms of pah but do not address the underlying disease


to get ready for next year. So, but as of right now, I would tell you that, that would probably be my forecast.

to get ready for next year so -- but as of right now i would tell you that that would probably be my forecast


in her report, it was very clear that if we want to have a sustainable postal network going forward,

and in her report it was very clear that if we want to have a sustainable postal network going forward


We've been able to call upon the full resources of the Clinton Group to support the evaluation of opportunities as they present themselves.

we have been able to call upon the full resources of the clinton group to support the evaluation of opportunities as they present themselves


and to continue the company's proven track record of outstanding execution established by Robert over the past 20 years.

and to continue the company's proven track record of outstanding execution established by robert over the past 20 years


We've demonstrated very successfully in a number of provinces that we can effectively manage it as a controlled substance.

we've demonstrated very successfully in a number of provinces that we can effectively manage it as a controlled substance


that can also cater to the needs of our clients. These partners we have -- will have

that can also cater to the needs of our clients these partners we have will have


in the very current market situation, that's looking more difficult. So what we said was we'd be a little bit more

in the very current market situation that's looking more difficult so what we said was we'd be a little bit more


Top line and bottom line results came in ahead of plan, meeting or significantly exceeding expectations in all reporting segments.

top line and bottom line results came in ahead of plan meeting or significantly exceeding expectations in all reporting segments


how can that integrate with other software assets that you have and how high is that from priority list in terms of technological implementation?

how can that integrate with other software assets that you have and how high is that on priority list in terms of technological implementation


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


The results contained in the press release issued last night are clear indicators of the changes we have made to the business.

the results contained in the press release issued last night are clear indicators of the changes we have made to the business


does this improve leverage? Or does it just keep you out of the equity markets? Is there anything that you can share with us on that?

does this improve leverage or does it just keep you out of the equity markets is there anything that you can share with us on that


but this reflects the sale of one of the businesses to golf courses during the previous fiscal year.

but this reflects the sale of one of the business' 2 golf courses during the previous fiscal year


issue stock as consideration for the transaction, which is a good tax answer many times for closely held companies. So

issue stock as consideration for the transaction which is a good tax answer many times for closely held companies so


And finally, despite transformation expenses incurred during the third quarter that caused the slight decline in ROE,

and finally despite transformation expenses incurred during the third quarter that caused a slight decline in roe


I'm from Trigon. I have a question about the additional provision for general damages.

i'm from trigon i have a question about the additional provision for general damages


I would like to share with you some examples. Few weeks ago, we received an order for multiple systems

i would like to share with you some examples a few weeks ago we received an order for multiple systems


regarding the performance of any particular product. As a result, the facility continues to manufacture its full range of products at this time.

regarding the performance of any particular product as a result the facility continues to manufacture its full range of products at this time


We still have important work to do with regard to manufacturing and quality remediation, which is why we are going to stay diligent in these efforts.

we still have important work to do with regard to manufacturing and quality remediation which is why we are going to stay diligent in these efforts


And then if you can just walk us through some of the major raw material inputs that you'd be impacted by.

and then if you can just walk us through some of the major raw material inputs that you'd be impacted by


consistent with our commitment to building a book of high quality credit relationships funded largely with customer deposits.

consistent with our commitment to building a book of high-quality credit relationships funded largely with customer deposits


Forward-looking statements include the information concerning possible or assumed future results of operations of the company

forward-looking statements include the information concerning possible or assumed future results of operations of the company


and we look forward to demonstrating the impact the product can have on clinical effectiveness as well as efficiency and productivity.

and we look forward to demonstrating the impact the product can have on a clinical effectiveness as well as efficiency and productivity


While a proportion of VATS remained virtually unchanged during the study period, the robotic rate grew as open declined.

while the proportion of bats remained virtually unchanged during the study period the robotic rate grew as open declined


Eagle Ford continues to be a growth asset for the company that we expect will contribute premium return production and reserve additions.

the eagle ford continues to be a growth asset for the company that we expect will contribute premium return production and reserve additions


we should be able to manage that successfully, so I don't expect to see significant rises in net interest expense for the year.

we should be able to manage that successfully so i don't expect to see significant rises in that interest expense for the year


And that's the very reason why we're doing all this effort on transformation. We have to generate a sensible, competitive

and that's the very reason why we're doing all this effort on transformation we have to generate a sensible competitive


that has allowed us to be able to get these loans. It is the creativity, it's understanding the market, it's understanding what that developer

that has allowed us to be able to get these loans it is the creativity it's understanding the market it's understanding what that developer


These capabilities allow us to generate attractive investments on a repeatable basis over time.

these capabilities allow us to generate attractive investments on a repeatable basis over time


when we have aggregated a sufficiently large population, and if we believe market conditions are favorable.

when we have aggregated a sufficiently large population and if we believe market conditions are favorable


debt. That is assuming that the cost stays where it is and doesn't start to go up in base rate or others moving forward,

that is assuming that the cost stays where it is and doesn't start to go up in base rate or others moving forward


So we don't believe that there's too much capacity coming into the market. It's in line with the growth of business and growth of the industry.

so we don't believe that there's too much capacity coming into the market it's in line with the growth of the industry


Additionally, we divested 2 nonstrategic product lines in the quarter, and we did a third here in the first part of October.

additionally we divested 2 nonstrategic product lines in the quarter and we did a third here in the first part of october


It's terrific to see the acceleration of product revenues unfold in 2017. Our new guidance range for product sales

it's terrific to see the acceleration of product revenues unfold in 2017 our new guidance range for product sales


in technology and manufacturing. So in the future, there would be some collaboration opportunities.

in technology and manufacturing so in the future there will be some collaboration opportunities


who introduced exotic Shanghai and Greater China to U.S. readers before World War II and is based on extensive,

who introduced exotic shanghai and greater china to u s readers before world war ii and is based on extensive


From an economic standpoint, we have seen mixed results in terms of the national economic data released over the past quarter.

from an economic standpoint we have seen mixed results in terms of the national economic data released over the past quarter


lower sales volume in Performance Products and the effects of the unplanned downtime and inflation in logistics costs.

lower sales volume in performance products and the effects of the unplanned downtime and inflation in logistics costs


as well as your other markets? I think you kind of lumped them together with auto, and I'm just trying to get a sense of

as well as your other markets i think you kind of lump them together with auto and i'm just trying to get a sense of


Although a new market, our ability to engineer and execute challenging marine operation was crucial

although a new market our ability to engineer and execute challenging marine operation was crucial


And as we've noted on a number of occasions, we expect those projects will result in a tripling of CPG's net investment level

and as we've noted on a number of occasions we expect those projects will result in the tripling of cpg's net investment level


Procurement is somewhat similar story. We started on that quite early. There's a lot we can do there in terms of bringing

procurement is somewhat similar story we started on that quite early there's a lot we can do there in terms of bringing


Information contained in these forward-looking statements is based on management's current expectations and is inherently uncertain,

information contained in these forward-looking statements is based on management's current expectations and is inherently uncertain


This was a great opportunity to showcase the AND1 brand with top young players wearing our sneakers.

this was a great opportunity to showcase the and1 brand with top young players wearing our sneakers


this is not visible in a lot of banks because this is mostly, that is, a result of

this is not visible in a lot of banks because this is mostly the result of


or more frequently dosed oral formulations for the treatment of Parkinson's disease symptoms and restless leg syndrome.

or more frequently dosed oral formulations for the treatment of parkinson's disease symptoms and restless legs syndrome


and contrasted with the somewhat weaker demand environment than what we had previously anticipated for the tank and platform businesses,


and does not directly reflect the dollar value of expected write-offs, given tangible security held in support of our lending exposure.

and does not directly reflect the dollar value of expected write-offs given tangible security held in support of our lending exposure


particularly in the West as well as continued efforts by dealers and builders to maintain lower product inventories.

particularly in the west as well as continued efforts by dealers and builders to maintain lower product inventories


You may recall that our Safety Assessment business in Canada recognizes the majority of its revenue in U.S. dollars,

you may recall that our safety assessment business in canada recognizes the majority of its revenue in u s dollars


So the way we view that segment as much as we have over the last few quarters that it's going to be a declining trend.

so the way we view that segment is much as we have over the last few quarters that it's going to be a declining trend


As we reviewed during our Investor Day in May, you should expect us to return over time to a capital allocation

as we have reviewed during our investor day in may you should expect us to return over time to a capital allocation


All the things that we talked about a year ago that we wanted to accomplish for that business, we're seeing them really get traction in all those areas.

all the things that we talked about a year ago that we wanted to accomplish with that business we're seeing them really get traction in all those areas


and get some -- get more than our fair share of the market growth by applying the technologies.


or what Red Dead was expected to do in the fall, it's going to suck some dollars away from some of the other games. So

or what red dead was expected to do in the fall it's going to suck some dollars away from some of the other games so


Our best estimate is that more than 5 million antennas will eventually be installed to provide complete 5G coverage.

our best estimate is that more than 5 million antennas will eventually be installed to provide complete 5g coverage


collected a few more records to display in our trophy case and set our sights squarely on the remaining work we must do to continue to drive growth